Listed data firm 1Spatial is set to be taken private in an £87 million cash deal.
The Cambridge company is recommending an offer from VertiGIS, a London-based provider of geographic information systems, to its shareholders after the latter completed its due diligence.
The deal for 73 pence per share represents a premium of 57% to the closing price of 46.5p on the final day of trading before the announcement of the possible offer in December.
1Spatial, led by CEO Claire Milverton (pictured), manages geospatial data, supporting clients to build a solid data foundation – ensuring data is current, complete and consistent – across utilities, telecommunications, national mapping agencies, government departments, emergency services, defence, census bureaus and transportation organisations.
VertiGIS, based in London, is a spatial asset management and geographic information systems solutions provider and software developer.
Its technology is used by more than 5,000 utilities, government, telecommunications and infrastructure organisations, with millions of end users worldwide.
The firm has over 500 employees operating from more than 21 offices in 9 countries.
In December 1Spatial said joining VertiGIS, which is backed by industry investment giant Battery Ventures, will “provide an immediate liquidity event at a cash price representing a premium to recent trading, while removing exposure to execution risk inherent in scaling enterprise SaaS companies and to public‑market volatility”.
It added that becoming privately owned would boost investment into its products when compared with the costs and disclosure obligations associated with an AIM listing.
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Andy Berry, CEO of VertiGIS, said: “We are excited to be announcing the proposed acquisition of 1Spatial, which we believe represents a compelling opportunity for all stakeholders, with the full recommendation of its board.
“1Spatial is a clear leader in delivering location master data management software and services, which we have followed for some time given our longstanding commercial partnership.
“We believe the company aligns closely with VertiGIS in terms of both strategy and culture, and the combination of our two businesses represents an opportunity to build a leading global provider of geographic information systems-enabled solutions with a compelling product and services portfolio.”
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